RECORDER REPORT
KARACHI: A divergent trend was witnessed on the money market on Friday as the rupee played both sides against the dollar in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee failed to sustained overnight gains in terms of the dollar, losing 30 paisas for buying and selling at Rs 110.40 and Rs 110.50 respectively, they said.
OPEN MARKET RATES: In the meantime, the rupee sustained overnight gains in relation to the dollar for buying at Rs 109.80 and Rs 110.30 respectively, they said. While, it shed 25 paisas in relation to euro for buying at Rs 128.50 and the national currency was lower by 50 paisas for selling and Rs 130.50, they added.
In the final Asian market, the dollar was on the defensive on Friday after wrangling over a bill to change the US tax code dented confidence, while the euro sagged after the European Central Bank signalled it would maintain stimulus for as long as needed.
The greenback was off 0.1 percent at 112.315 yen, having dropped to an eight-day low of 112.065 overnight.
The US currency had climbed to a one-month high of 113.750 yen on Tuesday. But it made a U-turn midweek after the Federal Reserve tightened monetary policy as expected but also expressed concern about low inflation.
The dollar lost further ground after two US Republican senators on Thursday were reported to have sought changes to the proposed legislation to overhaul the US tax code.
The tax bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats and no Democrats are expected to support it.
The euro was little changed at $1.1780 after losing about 0.4 percent overnight. The common currency flagged after the European Central Bank on Thursday raised growth and inflation forecasts for the euro area, but stuck with its pledge to provide stimulus for as long as needed.
The dollar was trading against the Indian rupee at Rs 64.11, the greenback was available at 4.083 in terms of the Malaysian ringgit and the US currency was at 6.607 in relation to the Chinese yuan.
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Open Bid Rs.109.80
Open Offer Rs.110.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.110.40
Offer Rate Rs.110.50
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on the buying side while it further rose on buying side in relation to the US dollar in the local currency market on Friday.
According to currency dealers, the US dollar resumed trading on the overnight level Rs 109.30 and Rs 110.35 as its buying and selling rates, respectively.
At the close, it firmly maintained its opening trend for buying at Rs 109.30. However, it slid by 10 paisas for selling at Rs 110.25, they added.
In addition, the national currency showed strength as it recovered its earlier losses versus the pound sterling. Resultantly, the pound's buying and selling rates shed from Thursday's closing of Rs 144.70 and Rs 146.30 to Rs 144.00 and Rs 145.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 110.30 (buying) and Rs 110.50 (selling) against last rate of Rs 110.50 (buying) and Rs 110.70 (selling). It closed at Rs 110.30 (buying) and Rs 110.50 (selling).
